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New Monetary Policy and Keynes

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Author Info

  • Philip Arestis

    ()
    (Cambridge Centre for Economic and Public Policy, Department of Land Economy, University of Cambridge)

Abstract

The purpose of this paper is to compare new developments on the monetary policy front, or what is known as inflation targeting, with some of Keynes's ideas as propounded in a pamphlet in 1932. A number of the ingredients of the new monetary policy approach can be found in Keynes, especially that of central bank independence. However, new monetary policy is a major policy prescription closely associated with the New Consensus Macroeconomics. The ideas and policy implications of this new consensus, however, are very different from Keynes's ideas on central banking and monetary policy. We explore these propositions in this contribution.

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File URL: http://www.elgaronline.com/view/journals/ejeep/3-2/ejeep.2006.02.09.xml
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Bibliographic Info

Article provided by Edward Elgar in its journal Intervention. European Journal of Economics and Economic Policies (subtitle initially: Zeitschrift fuer Oekonomie / Journal of Economics).

Volume (Year): 3 (2006)
Issue (Month): 2 ()
Pages: 245-262

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Handle: RePEc:elg:ejeepi:v:3:y:2006:i:2:p:245-262

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Web page: http://www.elgaronline.com/ejeep

Related research

Keywords: central bank independence; economics of Keynes; new consensus macroeconomics; inflation targeting; monetary policy;

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Cited by:
  1. Hein, Eckhard & Schoder, Christian, 2009. "Interest rates, distribution and capital accumulation – A Post-Kaleckian perspective on the US and Germany," MPRA Paper 18223, University Library of Munich, Germany.
  2. Angel Asensio, 2007. "Inflation targeting drawbacks in the absence of a 'natural' anchor," Post-Print halshs-00189225, HAL.

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